scholarly journals Estimating Residential Property Values on the Basis of Clustering and Geostatistics

Geosciences ◽  
2019 ◽  
Vol 9 (3) ◽  
pp. 143 ◽  
Author(s):  
Beata Calka
Keyword(s):  
Estimation Error ◽  
Local Property ◽  
Percentage Error ◽  
Residential Property ◽  
Property Value ◽  
Second Stage ◽  
Spatial Factor ◽  
Using Data ◽  
The Impact ◽  
Property Markets

The article presents a two-stage model for estimating the value of residential property. The research is based on the application of a sequence of known methods in the process of developing property value maps. The market is divided into local submarkets using data mining, and, in particular, data clustering. This process takes into account only a property’s non-spatial (structural) attributes. This is the first stage of the model, which isolates local property markets where properties have similar structural attributes. To estimate the impact of the spatial factor (location) on property value, the second stage involves performing an interpolation for each cluster separately using ordinary kriging. In this stage, the model is based on Tobler’s first law of geography. The model results in property value maps, drawn up separately for each of the clusters. Experimental research carried out using the example of Siedlce, a city in eastern Poland, proves that the estimation error for a property’s value using the proposed method, evaluated using the mean absolute percentage error, does not exceed 10%. The model that has been developed is universal and can be used to estimate the value of land, property, and buildings.

scholarly journals WINDFARMS AND RESIDENTIAL PROPERTY VALUES

2014 ◽  
Vol 18 (2) ◽  
pp. 116-124 ◽  
Author(s):  
Iona McCarthy ◽  
Hatice Ozer Balli
Keyword(s):  
Property Values ◽  
Residential Property ◽  
Hedonic Regression ◽  
Open Market ◽  
Hedonic Models ◽  
Property Value ◽  
Viewshed Analysis ◽  
Residential Property Values ◽  
Visual Impact ◽  
The Impact

This study examines the effect that windfarm visibility has on residential property values using a hedonic regression model. The study area is Ashhurst, New Zealand, a township of approximately 900 dwellings. Ashhurst is located within eight kilometres of two separate windfarms that were developed between 1998 and 2007 comprising 103x660kW turbines, 31x3MW turbines, and 55x1.65MW turbines. The analysis uses the 945 open market house sales that occurred in Ashhurst between 1995 and 2008. Visual impact of turbines is studied to capture the impact of windfarms and it is assessed using GIS viewshed analysis and by field inspection. The hedonic models had satisfactory explanatory performance and in each case indicated that the turbines located between 2.5 and 6 kilometres from the township of Ashhurst had no significant impact on property value.

scholarly journals THE IMPACT OF CRIME ON RESIDENTIAL PROPERTY VALUE - ON THE EXAMPLE OF SZCZECIN

2017 ◽  
Vol 25 (3) ◽  
pp. 51-61 ◽  
Author(s):  
Iwona Foryś ◽  
Ewa Putek-Szeląg
Keyword(s):  
Residential Property ◽  
Property Value ◽  
Subjective Expectations ◽  
Transaction Prices ◽  
Is Security ◽  
Residential Property Value ◽  
Housing Needs ◽  
The Impact ◽  
The Relationship ◽  
Transactional Data

Abstract The decisions of buyers on the housing market are not only the sum of their subjective expectations but also of the perception of real estate through a prism of opinions and suggestions arising from the surroundings. One of the basic criteria driving households determined to meet basic housing needs is security. The aim of the study is to identify the relationship between the transaction prices of housing and the crime rate in the various districts of Szczecin. For this purpose, data from the Regional Police Headquarters in Szczecin (i.e. map of crimes) and transactional data from notarial acts are analyzed in the work. Then, using statistical and econometric models, spatial relationships of the examined crimes are investigated.

scholarly journals A review of climate change (floods) and economic attributes response to residential property value in Malaysia

2019 ◽  
Vol 11 (4) ◽  
pp. 1084-1094
Author(s):  
Siti Hafsah Zulkarnain ◽  
Maki Tsujimura ◽  
Muhamad Ali Yuzir ◽  
Muhammad Najib Razali ◽  
Zakri Tarmidi
Keyword(s):  
Climate Change ◽  
Flood Risk ◽  
Residential Property ◽  
Flood Hazards ◽  
Valuation Theory ◽  
Property Value ◽  
Risk Area ◽  
Real Estate Valuation ◽  
Residential Property Value ◽  
The Impact

Abstract The art and science of determining residential property value has evolved due to the changing external factors, such as the economy, environmental (climate change) and social aspects. This research aims to identify the impact of climate change (floods) to determine residential economic attributes that could affect the value for residential property in flood risk areas. The case study covers all residential housing schemes in Langat River Basin area, which has been considered as the highest flood risk area in the State of Selangor, Malaysia. The methodology of this research is based on the conceptual analysis from previous studies from local and international scenarios. The systematic analysis of previous literature of real estate valuation theory consists of economic attributes such as structural, locational and environmental attributes involved in residential property valuation in relation to flooding. The findings reveal that the economic attributes' response to flood hazards for residential properties can be divided into three conditions, and they are: positive, negative or no effect on the climate change factor.

Use of Reduction-Effectiveness Ratios to Evaluate Reduced Traffic Data Collection Plans

2013 ◽  
Vol 2339 (1) ◽  
pp. 13-18 ◽  
Author(s):  
Chieh (Ross) Wang ◽  
Yichang (James) Tsai
Keyword(s):  
Data Collection ◽  
Estimation Error ◽  
Percentage Error ◽  
Traffic Data ◽  
Traffic Data Collection ◽  
The Impact ◽  
Departments Of Transportation ◽  
Reduced Data ◽  
Reduction Effectiveness ◽  
Aadt Estimation

Because of budget shortfalls in recent years, state departments of transportation (DOTs) must adjust their traffic data collection plans by reducing data collection locations or extending data collection cycles; however, few studies have been performed to evaluate the cost-effectiveness of various efforts to reduce data collection. This study developed a quantitative method for evaluating the impact of various reduced plans for traffic data collection on the overall accuracy of the annual average daily traffic (AADT) estimation. The mean absolute percentage error is calculated to compare the accuracy of 10 reduced data collection plans with a base plan. In addition, a reduction-effectiveness ratio (i.e., the percentage of reduced data collection cost to the percentage of increased AADT estimation error) is proposed. Results from this study show that the current practice, which randomly selects data collection sites on the basis of different cycles, performs well in maintaining AADT estimation accuracy but may not be the most cost-effective approach. Results also show that certain types of sites, such as rural sites, lower-AADT sites, and sites with higher AADT variation, tend to produce larger errors if they are not counted. The results imply that the proposed method both provides a quantitative means with which to evaluate plans for reduced data collection and suggests ways to enhance current data collection and traffic estimation practices. The method also enriches the information provided to state departments of transportation for effective and informed decision making with limited resources.

scholarly journals International Real Estate Review

1998 ◽  
Vol 1 (1) ◽  
pp. 45-63
Author(s):  
Edward Ng ◽  
Keyword(s):  
High Rate ◽  
High Price ◽  
Residential Property ◽  
Price Setting ◽  
Economic Determinants ◽  
Price Response ◽  
Natural Choice ◽  
High Price Level ◽  
The Impact ◽  
Property Markets

Prices in the Asian residential property markets have skyrocketed over the past decade. A high rate of economic growth is one of the major reasons for the price spiral. Most Asian residential property markets are, however, concentrated and national in nature. Maintaining an artificially high price level through coordination amongst producers is not impossible and would be the natural choice of oligopolistic behavior (Scherer and Ross, 1990). This study examines price responses to changes in economic determinants in Singapore. The focus is on supply. Cointegration and error-correction techniques are employed to test if upward and downward adjustment speeds are similar. The results verify the impact of GDP growth, but also show that price response to the supply of housing units is significantly downward rigid. This is not inconsistent with the hypothesis of collusive price setting by property developers.

scholarly journals Tests for the Presence of Price Convergence on Residential Property Market in Several Districts of Szczecin in 2006–2009

2016 ◽  
Vol 16 (1) ◽  
pp. 186-195 ◽  
Author(s):  
Sebastian Gnat
Keyword(s):  
Supply And Demand ◽  
Local Property ◽  
Time Range ◽  
Residential Property ◽  
Price Convergence ◽  
Housing Bubble ◽  
Property Market ◽  
Property Prices ◽  
Property Markets

Abstract Neighbouring local property markets are not separate realities. They influence one another and create an interrelated system of supply and demand. Some of these interrelations are convergent, while others result in contradictory trends on the markets. Convergence is a term denoting a process of some phenomena approaching its normative level. Tests for the presence of convergence help to assess if the objects under observation show resemblance in the context of the observed phenomenon, and to find out how long it takes for this resemblance to be complete. In this paper, I propose the application of methods normally used in tests for convergence for the purpose of the analysis of trends of the average residential property prices in some districts in Szczecin over the time range of 2006–2009, that is during the housing bubble on the residential property market. The study will provide information if such a market phase encourages price convergence.

scholarly journals The Impact of Transportation and Walkability on Residential Property Value

2021 ◽  
Vol 5 (3) ◽  
pp. 3-17
Author(s):  
Afiruddin Tapa ◽  
Nurul Wazien Mohd Noor
Keyword(s):  
House Prices ◽  
Development Planning ◽  
Structure Characteristic ◽  
Residential Property ◽  
Value Assessment ◽  
Property Value ◽  
Land Area ◽  
Residential Property Value ◽  
House Structure ◽  
The Impact

In order to determine the impact of transportation and walkability as one of the important smart growth principles in creating economic value, this study examines the impact of transportation and walkability on Residential Property Value in Shah Alam, Selangor, Malaysia neighborhoods. Based on secondary data collected on Brickz.com, a hedonic regression model was constructed to estimate median Residential Property Value in Shah Alam, Selangor for the Residential Property Value assessment. The model's findings demonstrate that transportation and walkability factors have less impact on estimated Residential Property Value than other residential structure characteristics such as number of floors, number of bedrooms, and land area. Only three variables from the Structure Characteristic were statistically significant in this study: Structure Characteristic no of the floor, Structure Characteristic No of the Bedroom and Structure Characteristic Land Area. Consequently, all transportation and walkability are insignificant towards residential house prices. This shows that there are still ways to increase house prices through attractive house structure planning. With this, the formation of an attractive house structure in development planning is an important aspect in increasing the demand for house prices while rising house prices efficiently. The adoption of the appropriate use of public transport uses the principle of good growth to achieve added value and improve the overall quality of life in the neighborhood.

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